Tax Planning & Compliance
Federal Court Ruling May Reopen COVID-Era Tax Penalty Refunds
A federal court ruling may allow some taxpayers to recover interest and penalties paid during the COVID-19 disaster period. The decision clarifies how suspended tax deadlines affect refund and abatement opportunities. Key Takeaways: A recent federal court ruling may reopen refund opportunities many taxpayers assumed had closed after the pandemic. In Kwong v. United States, […]
Massachusetts Live Theater Tax Credit: Understanding the Cost Accounting Report Requirements
Key Takeaways: The first productions approved under the Massachusetts Live Theater Tax Credit are entering the reporting phase. The Cost Accounting Report will determine how eligible expenses translate into the final credit award. Massachusetts theater companies awarded credits through the inaugural Live Theater Tax Credit Pilot Program are now entering the reporting phase. After receiving […]
What Businesses Should Know About the New Overtime Deduction
The Department of the Treasury and the Internal Revenue Service issued new guidance on a deduction tied to overtime pay under the One Big Beautiful Bill Act. The newly released IRS FAQs clarify how the deduction works, confirm transitional relief for 2025, and identify where employees should look for authoritative information. Understanding those boundaries may […]
Stock Sale Essentials: Key Steps for Private Company Owners
How Can Private Company Owners Prepare for a Successful Stock Sale? When a private company is sold, every contract, employee relationship, and financial detail faces close examination. In a stock sale, ownership, along with the company’s legacy, obligations, and opportunities, transfers to the buyer. While the process can be complex and demanding, thorough preparation by […]
Due Diligence Preparation That Supports Stronger M&A Outcomes
Due diligence serves as the buyer’s primary tool for validating financial, operational, and compliance assumptions in a transaction. When documentation is incomplete, inconsistent, or poorly explained, diligence shifts from confirmation to investigation. This change increases scrutiny, extends timelines, and may place transaction value at risk. For sellers, the greatest exposure often stems not from complex […]
IRS Updates Guidance on Business Interest Deductions
Key takeaways: The Internal Revenue Service recently clarified its Section 163(j) FAQs following changes under the One Big Beautiful Bill Act. These updates do not create new law but provide practical guidance for companies evaluating financing, merger and acquisitions activity, or capital investments. For businesses with significant depreciation or amortization, the revised framework helps align […]
2025 SALT Tax Changes: 9 Key Updates for Business Growth and Multistate Compliance
State and local tax developments in 2025 present opportunities for businesses to refine planning and maximize benefits. From updated economic nexus thresholds to expanded deductions and streamlined property filings, understanding these changes allows you to make informed decisions and coordinate personal and business tax matters efficiently. This recap highlights key SALT updates that may help […]
Give the Gift of an Estate Plan
The holiday season brings thoughts of giving—carefully chosen gifts that show love, create lasting memories, and sometimes provide practical value for years to come. For families thinking beyond this year’s celebrations, the most meaningful gifts might be the ones that keep giving long after the wrapping paper is cleared away. Estate planning in 2025 and […]
Why Tax Planning Should Begin Well Before a Multistate or International Business Sale
When preparing a business for sale, one of the first areas buyers examine is tax compliance. Where a company files state income, sales, and payroll taxes—and whether those filings are complete—can become a central focus of due diligence. Gaps in compliance, or even unintentional oversights, can lead to buyer holdbacks, unexpected liabilities, delays in closing, […]